The sale to West Bromwich Mortgage Company is an important
development in the relationship between the two organisations.
Kensington Mortgages was founded in 1994 to provide mortgages to individuals unable to satisfy the lending criteria of traditional lenders. Chief Executive, John Maltby says: "We are delighted to have completed our first portfolio sale with West Bromwich Mortgage Company. As a leader in the non-confirming mortgage market it has been pleasing to work with the West Bromwich who share our confidence in the future of this attractive and growing market segment."
Commenting on Kensington's approach, Group Finance Director, Simon Kingdon adds: "Kensington has historically funded its business through securitisation via its highly successful RMS programme. Portfolio sales are
complementary to the existing funding strategy and we are planning further strategic sales in the coming year".
West Bromwich Mortgage Company is a wholly-owned subsidiary of the West Bromwich Building Society, whose Chief Executive, Andrew Messenger, welcomed this latest acquisition. He says: "We have established a very productive working relationship with Kensington and share the same approach in valuing customers and providing excellent service. The purchase is the Company's 17th acquisition since it was established in 1995 and constitutes another significant step in the West Brom Group's reputation for acquiring quality
residential mortgage portfolios. The Society is going from strength to strength, returning record results year upon year, reflected in strong profitability, a robust balance sheet and growth well ahead of our natural market share. The West Bromwich Mortgage Company has made an important
contribution to this impressive progress."
